The euro moved a little bit toward the upside and exceeded the projected resistance level by 4 pips to date.
This was permitted by the main count, by it does nothing to confirm it. The confirmation point and targets have been updated to accommodate the recent developments.
By moving below 1.1389, price should move lower to reach between 1.1384 and 1.1348, while remaining above 1.1289 and ideally below 1.1443.
Hourly Main Count
– Invalidation Point: 1.1289
– Confirmation Point: 1.1389
– Downward Target: 1.1384 – 1.1348
– Wave number: Minuette (b)
– Wave structure: Corrective
– Wave pattern: Zigzag, Flat, Triangle, or Combination
Elliott Wave chart analysis for the EURUSD for 28th January, 2019. Please click on the charts below to enlarge.
Main Daily Wave Count
This main daily count sees that the euro is moving toward the downside in an impulse labeled black waves (1) to (5).
Black wave (2) formed a running double combination labeled blue waves W, X and Y. It retraced 38.2% of black wave (1) at its highest point, and it ended a little below the 23.6% retracement level.
Black wave (3) is forming an impulse labeled blue waves 1 to 5.
Blue wave 1 is likely forming an impulse labeled pink waves i through v.
Pink wave i is complete.
This count expects the euro to move toward the upside in pink wave ii.
At 1.1396 pink wave ii would retrace 38.2% of pink wave i, then at 1.1462 it would retrace 61.8% of its length.
This wave count would be invalidated by movement above 1.1569 as pink wave ii may not move beyond the start of pink wave i.
Main Hourly Wave Count
This main hourly count sees that pink wave ii is forming a zigzag labeled green waves (a), (b) and (c).
Green wave (a) has formed an impulse labeled orange waves i through v.
Orange wave iii formed a massive extension labeled violet waves 1 through 5. It reached well over 423.6% the length of orange wave i.
Orange wave v is very likely to be complete. It reached 161.8% the length of orange wave iii.
This count expects the euro to start moving toward the downside in green wave (b). This would be somewhat confirmed by movement below 1.1389.
At 1.1384 green wave (b) would retrace 38.2% of green wave (a), then at 1.1348 it would retrace 61.8% of its length. These targets are calculated from the highest point of green wave (a) to date, at 1.1443.
This wave count would be invalidated by movement below 1.1289 as green wave (b) of this zigzag may not move beyond the start of green wave (a).